Good news if you live in New York! Your internet is about to get faster and cheaper, and all it took was the shuffling of funds from big corporate banks to companies working hard to improve infrastructure for the good of the people—if you live in New York. Good job, New York. Your turn, every other state.
Governor Andrew Cuomo announced today a $1 billion plan to improve access to high-speed internet across New York state. The state will utilize $500 million in "capital funds from bank settlements to incentivize the private sector to expand high-speed broadband access in underserved and unserved areas." In the words of the governor's office, "This represents the largest and boldest state investment in universal broadband deployment in the country."
In order to get funding, broadband providers will have to match the state's contribution one-to-one and provide speeds of at least 100 Mbps (unless it's a remote, underserved area in which speeds must be at least 25 Mbps with the promise of getting to 100 Mbps). In other words, all of that money that the government squeezed out of the criminals behind the financial crisis will now be spent on spurring economic development thanks to better, faster, cheaper internet. Good news, indeed.
The news comes just a handful of days after President Obama announced an internet improvement plan of his own. The president's so-called "Community-Based Broadband Solution" is designed to end Comcast's—and other massive, monopolistic ISPs—death grip on America's networks. That initiative seems more focused on encouraging more municipal ISPs, like the wildly successful utility in Chattanooga, Tennessee.